DOCSLIB.ORG

HSBC Holdings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
HSBC Holdings THIS DOCUMENT AND ANY ACCOMPANYING DOCUMENTS ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to any aspect of the proposals referred to in this document or as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser, duly authorised under FSMA if you are resident in the United Kingdom, or, if you are not, from another appropriately authorised independent financial adviser. Subject to the restrictions set out below, if you have sold or otherwise transferred all of your Ordinary Shares (other than ex-rights) held in certificated form before 20 March 2009 in the case of Ordinary Shares held on the UK principal register (the “UK Ex-Rights Date”) or before 12 March 2009 in the case of Ordinary Shares held on the Hong Kong branch register (the “HK Ex-Rights Date”) or before 11 March 2009 in the case of Ordinary Shares held on the Bermuda branch register (the “Bermuda Ex-Rights Date”), please send this document, together with any Provisional Allotment Letter (if and when received), as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for onward delivery to the purchaser or transferee. This document and/or the Provisional Allotment Letter should not, however, be distributed, forwarded to or transmitted in, into or from any jurisdiction where to do so might constitute a violation of local securities laws or regulations, including, but not limited to (subject to certain exceptions as agreed with the Company and the Joint Global Coordinators), the Excluded Territories. Please refer to paragraphs 8 and 9 of Part VIII of this document if you propose to send this document and/or the Provisional Allotment Letter outside the United Kingdom, Hong Kong or Bermuda. If you have sold or otherwise transferred all or some of your Ordinary Shares (other than ex-rights) held in uncertificated form through CREST before the UK Ex-Rights Date, a claim transaction will automatically be generated by Euroclear UK which, on settlement, will transfer the appropriate number of Nil Paid Rights to the purchaser or transferee. If you have sold or otherwise transferred only part of your holding of Ordinary Shares (other than ex-rights) held in certificated form before the UK Ex-Rights Date, the HK Ex-Rights Date or the Bermuda Ex-Rights Date (as appropriate), please contact the stockbroker, bank or other agent through whom the sale or transfer was effected immediately. Instructions regarding split applications are set out in Part VIII of this document and in the Provisional Allotment Letter. This document comprises a prospectus relating to HSBC and the Rights Issue, prepared in accordance with the Prospectus Rules. This document has been approved by the FSA in accordance with section 85 of FSMA. A copy of this document has been filed with the FSA in accordance with paragraph 3.2 of the Prospectus Rules. This document will be made available to the public in accordance with paragraph 3.2 of the Prospectus Rules by the same being made available at www.hsbc.com/ prospectus. This document can also be obtained on request from the Company’s Receiving Agent, Computershare Investor Services PLC, from Computershare Hong Kong Investor Services Limited or from Corporate Shareholder Services, The Bank of Bermuda Limited. The Company has requested the FSA to provide a certificate of approval and a copy of this document to the relevant competent authority in France, Germany, Greece, Ireland, Malta, the Netherlands and Spain together, in the case of France, Germany, Greece and Spain, with a translation into the appropriate language of the summary contained in Part I of this document. HSBC Holdings plc (Incorporated as a public limited company in England with registered number 617987) 5 for 12 Rights Issue of 5,060,239,065 New Ordinary Shares at 254 pence each HSBC Bank plc Goldman Sachs International J.P. Morgan Cazenove Corporate Broker, Sponsor and Corporate Broker, Joint Global Coordinator Joint Global Coordinator Joint Global Coordinator and Joint Bookrunner and Joint Bookrunner and Joint Bookrunner Co-Bookrunners BNP PARIBAS Credit Suisse RBS Hoare Govett Senior Co-Lead Managers Banca IMI Citi ING Nomura Societe Generale Wholesale Banking International Corporate & Investment Banking Co-Lead Managers BBVA CALYON CITIC Securities Fox-Pitt Kelton MEDIOBANCA International Company Limited Morgan Stanley NATIXIS RBC Scotia Capital UBS Investment Bank United Overseas Bank Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. The Ordinary Shares trade under stock code 5 on The Stock Exchange of Hong Kong Limited. The Bermuda Stock Exchange takes no responsibility for the contents of this document, makes no representations as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this document. The Ordinary Shares have been admitted to the Official List, to trading on the London Stock Exchange’s main market for listed securities and to listing on the Main Board of the Hong Kong Stock Exchange, Euronext Paris and the Bermuda Stock Exchange. The Ordinary Shares are also listed, and the ADSs are listed and traded, on the New York Stock Exchange. Applications have been made to the UK Listing Authority and to the London Stock Exchange for the New Ordinary Shares (nil and fully paid) to be admitted to the Official List and to trading on the London Stock Exchange’s main market for listed securities respectively, to the Hong Kong Stock Exchange for listing of, and permission to deal in, the New Ordinary Shares (nil and fully paid) on the Main Board of the Hong Kong Stock Exchange, and to the New York Stock Exchange, Euronext Paris and the Bermuda Stock Exchange for listing of the New Ordinary Shares (fully paid). Application has also been made for the ADSs representing New Ordinary Shares to be listed and traded on the New York Stock Exchange. It is expected that UK Admission will become effective and that dealings in the New Ordinary Shares, nil paid, will commence on the London Stock Exchangeon 20 March 2009 and that HK Admission will become effective on 20 March 2009 and that dealings in the New Ordinary Shares, nil paid, will commence on the Main Board of the Hong Kong Stock Exchange on 23 March 2009. The distribution of this document and/or the Provisional Allotment Letter and/or the transfer of Nil Paid Rights, Fully Paid Rights and/or New Ordinary Shares into a jurisdiction other than the United Kingdom, Hong Kong or Bermuda may be restricted by law and therefore persons into whose possession this document and/or any related documents comes should inform themselves about and observe any such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdictions. In particular, subject to certain exceptions as agreed with the Company and the Joint Global Coordinators, this document and the Provisional Allotment Letter should not be distributed, forwarded to or transmitted in, into or from any of the Excluded Territories. This document is intended only for use in connection with the Rights Issue outside the United States and is not to be given or sent, in whole or in part, to any person within the United States. In the United States, the Rights Issue is being made pursuant to the US Prospectus. The US Prospectus is available on the SEC’s website at http://www.sec.gov. If you have received this document and you are a US holder of Ordinary Shares or ADSs, you should have received a notice informing you of how to access the US Prospectus electronically; alternatively, you may contact the bank, broker or financial intermediary through which you hold your Ordinary Shares or ADSs to request a copy of the US Prospectus, or you may obtain a copy of the US Prospectus by calling BNY Mellon Shareowner Services on +1 866 208 3310. Your attention is drawn to the letter from the Chairman of HSBC which is set out in Part VI of this document. You should read the whole of this document and any documents incorporated herein by reference. Please refer to Part II of this document for a description of certain important factors, risks and uncertainties that may affect the HSBC Group’s business, the Rights Issue and the New Ordinary Shares and which should be taken into account when considering whether to take up rights under the Rights Issue. The latest time for acceptance and payment in full of entitlements under the Rights Issue in the UK is 11.00 a.m. (UK time), in Hong Kong is 4.00 p.m. (Hong Kong time) and in Bermuda is 11.00 a.m. (Bermuda time) on 3 April 2009. The procedure for acceptance and payment is set out in Part VIII of this document and, for Qualifying Non-CREST Shareholders, Qualifying Non-CCASS Shareholders and Qualifying Bermuda Shareholders, in each case other than (subject to certain exceptions as agreed with the Company and the Joint Global Coordinators) those with registered addresses in any of the Excluded Territories only, will also be set out in the Provisional Allotment Letter.
Load more

Recommended publications
  • Phoenix Group Holdings
    PROSPECTUS DATED 25 SEPTEMBER 2020 Phoenix Group Holdings plc (incorporated with limited liability in England and Wales with registered number 11606773) £5,000,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Prospectus (the “Programme”) Phoenix Group Holdings plc (“Phoenix” or “PGH” or the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the “Notes”). The Notes may be issued (i) as dated unsubordinated notes (“Senior Notes”), (ii) as dated subordinated notes with terms capable of qualifying as Tier 3 Capital (as defined in “Terms and Conditions of the Tier 3 Notes”) (“Tier 3 Notes”), (iii) as dated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Dated Tier 2 Notes”) or as undated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Undated Tier 2 Notes” and, together with the Dated Tier 2 Notes, the “Tier 2 Notes”). The Tier 2 Notes and the Tier 3 Notes are referred to collectively in this Prospectus as the “Subordinated Notes”. The aggregate nominal amount of Notes outstanding will not at any time exceed £5,000,000,000 (or the equivalent in other currencies). Payments of interest and principal under the Subordinated Notes may be subject to optional or mandatory deferral in accordance with the terms of the relevant Series (as defined herein) of Subordinated Notes. This Prospectus has been approved by the United Kingdom Financial Conduct Authority (the “FCA”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) as a base prospectus (the “Prospectus”) for the purposes of the Prospectus Regulation.
    [Show full text]
  • Swiss Re Confirms Interest in Certain Closed-Books of Resolution
    News release ab Swiss Re confirms interest in certain closed-books of Resolution Contact: Zurich, 15 October 2007 - Swiss Reinsurance Company (“Swiss Re”) confirms it is in discussions with Standard Life PLC Media Relations, Zurich Telephone +41 43 285 7171 (“Standard Life”) in relation to the possibility of entering into an agreement to purchase certain closed-books of Resolution PLC’s Corporate Communications, London Telephone +44 20 7933 3448 (“Resolution”) life business should Standard Life make an offer to acquire Resolution. These discussions are consistent with Swiss Corporate Communications, Asia Telephone +852 2582 3660 Re’s strategy to seek attractive opportunities to expand its Admin Re® business. No binding commitments have yet been entered Corporate Communications, New York Telephone +1 212 317 5663 into regarding the terms of such a transaction, and consequently there can be no assurance that Swiss Re will participate in any Investor Relations, Zurich Telephone +41 43 285 4444 such transaction or otherwise participate in any offer for Resolution, or as to the terms of any such transaction. Should a transaction take place, Swiss Re will acquire for a fixed price to be agreed certain books of business currently owned by Swiss Reinsurance Company Resolution. A further announcement may be made, if and when, Mythenquai 50/60 appropriate. P.O. Box CH-8022 Zurich Dealing Disclosure Requirements Telephone +41 43 285 2121 Fax +41 43 285 2999 Under the provisions of Rule 8.3 of the Takeover Code (the www.swissre.com “Code”), if any person is, or becomes, “interested” (directly or indirectly) in 1% or more of any class of “relevant securities” of Standard Life or of Resolution all “dealings” in any “relevant securities” of that company (including by means of an option in respect of, or a derivative referenced to, any such “relevant securities”) must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction.
    [Show full text]
  • Our Board: Promoting Your Interests
    Our Board: Promoting Your Interests 1 4 7 10 2 5 8 11 3 6 9 12 Directors 5. The Rt Hon the Lord Butler of Brockwell, 9. José Luis Durán † 1. Stephen Green, Group Chairman KG, GCB, CVO (Retiring 30 May 2008) Age 43. Chief Executive of Carrefour SA and Age 59. An executive Director since 1998; Group Age 70. Master, University College, Oxford. Chairman of its Management Board of Directors. Chief Executive from 2003 to May 2006. Joined A non-executive Director since 1998. Chairman A non-executive Director since 1 January 2008. HSBC in 1982. Chairman of HSBC Bank plc and of the Corporate Sustainability Committee and the Joined Carrefour SA in 1991. Chief Financial Officer HSBC North America Holdings Inc. and HSBC HSBC Global Education Trust. A member of the and Managing Director, Organisation and Systems Private Banking Holdings (Suisse) SA. A Director International Advisory Board of Marsh McLennan of Carrefour SA from 2001 to 2005. of HSBC France and The Hongkong and Shanghai Inc. Chaired the UK Government Review of Banking Corporation Limited. Group Treasurer from Intelligence on Weapons of Mass Destruction in 10. Rona Fairhead † 1992 to 1998. Executive Director, Global Banking 2004. Secretary of the Cabinet and Head of the Age 46. Chief Executive Officer and Director of and Markets from 1998 to 2003. Chairman of Home Civil Service in the United Kingdom from the Financial Times Group Limited and a Director The British Bankers’ Association. 1988 to 1998. A non-executive Director of Imperial of Pearson plc. Chairman of Interactive Data Chemical Industries plc from 1998 to 2 January 2008.
    [Show full text]
  • SNC-LAVALIN GROUP INC. MANAGEMENT PROXY CIRCULAR and Notice of Annual Meeting of Shareholders March 26, 2012
    SNC-LAVALIN GROUP INC. MANAGEMENT PROXY CIRCULAR and Notice of Annual Meeting of Shareholders March 26, 2012 SNC-LAVALIN GROUP INC. NOTICE OF ANNUAL MEETING OF SHAREHOLDERS To the shareholders of SNC-Lavalin Group Inc. (the “Corporation”): NOTICE IS HEREBY GIVEN THAT the annual meeting of the shareholders (the “Meeting”) of the Corporation will be held in the East Ballroom on the 4th floor of the Toronto Board of Trade, located at First Canadian Place, 77 Adelaide Street West, Toronto (Ontario), Canada M5H 1P9, on Thursday, May 3, 2012, commencing at 11:00 a.m., Eastern Daylight Time, for the following purposes: 1. to receive and consider the report of the directors of the Corporation (the “Directors”) to the shareholders, the consolidated financial statements of the Corporation for the year ended December 31, 2011 and the auditor’s report thereon; 2. to elect the Directors for the ensuing year; 3. to appoint the auditor for the ensuing year; 4. to consider and, if deemed appropriate, to adopt a resolution (the full text of which is reproduced in Schedule “C” to the accompanying Management Proxy Circular) providing for a non-binding advisory vote on the Corporation’s approach to executive compensation (Say on Pay vote); and 5. to transact such other business as may properly be brought before the Meeting or any adjournment thereof. Registration of shareholders will begin at 10:30 a.m. We would appreciate your early arrival and registration so that the Meeting may start promptly at 11:00 a.m. Montreal, Quebec, March 26, 2012. BY ORDER OF THE BOARD OF DIRECTORS ARDEN R.
    [Show full text]
  • Notice of Annual General Meeting to Be Held on 22 May 2009
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to any aspect of the proposals referred to in this document or as to the action you should take, you should consult a stockbroker, solicitor, accountant or other appropriate independent professional adviser. If you have sold or transferred all your shares in HSBC Holdings plc (the “Company”), you should at once forward this document and the accompanying Form of Proxy to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. This document should be read in conjunction with the Annual Report and Accounts and/or Annual Review in respect of the year ended 31 December 2008. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. The ordinary shares of HSBC Holdings plc trade under stock code 5 on The Stock Exchange of Hong Kong Limited. Shareholders may at any time choose to receive corporate communications in printed form or to receive notifications of their availability on HSBC’s website. To receive future notifications of the availability of corporate communications on HSBC’s website by email, or revoke or amend an instruction to receive such notifications by email, go to www.hsbc.com/ecomms.
    [Show full text]
  • Shareholder Presentation
    Shareholder Presentation July 2009 0 Disclaimer Liberty Acquisition Holdings (International) Company (“Liberty”) has posted on its website a proxy statement and consent solicitation statement (the “Proxy and Consent Solicitation Statement”) in connection with an extraordinary general meeting of Liberty’s shareholders to be held on July 24, 2009 to consider Liberty’s proposed acquisition of the Pearl Group and certain affiliated entities (collectively, the “Pearl Group”) and related transactions (including a consent solicitation to amend certain terms of Liberty’s outstanding warrants). Shareholders and warrant holders of Liberty are advised to read the Proxy and Consent Solicitation Statement, and any amendments and/or supplements thereto, since it contains important information about the Pearl Group, Liberty and the proposed transactions. Shareholders and warrant holders may obtain, without charge, a copy of the Proxy and Consent Solicitation Statement at the Company’s website (www.libertyacquisitionholdingsinternational.com) or by directing a request to (i) Liberty at Bison Court, Road Town, Tortola, British Virgin Islands, VG1110 or by telephone at +1 (284) 494-7605. Liberty and its directors and officers may be deemed to be participants in the solicitation of proxies and consents for the extraordinary general meeting of Liberty shareholders. Liberty’s shareholders and warrant holders may obtain additional information about the interests of its directors and officers in the proposed transactions by reading the Proxy and Consent Solicitation Statement when it becomes available. No person other than Liberty and its directors and officers and RBS has been authorized to give any information on behalf of Liberty or the Pearl Group in connection with the proposed transactions, and if given or made, such other information or representations must not be relied upon as having been made or authorized by Liberty.
    [Show full text]
  • Phoenix Group Holdings Plc U.S.$750,000,000 Fixed Rate
    OFFERING MEMORANDUM DATED 27 JANUARY 2020 Phoenix Group Holdings plc (incorporated under the laws of England and Wales with company number 11606773) U.S.$750,000,000 Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes Issue Price: 100.00 per cent. The issue of U.S.$750,000,000 Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes (the “Notes”) was (save in respect of any further Notes issued pursuant to Condition 17) authorised by a resolution of the board of directors of Phoenix Group Holdings plc (the “Issuer”) passed on 5 December 2019. The Notes will be issued by the Issuer on 29 January 2020 (the “Issue Date”). The Notes will constitute direct, unsecured and subordinated obligations of the Issuer. The terms and conditions of the Notes are set out more fully in “Terms and Conditions of the Notes” (the “Conditions”). The Notes will bear interest on their principal amount from (and including) the Issue Date to (but excluding) 26 April 2025 (the “First Reset Date”) at a fixed rate of 5.625 per cent. per annum and thereafter at a fixed rate of interest which will be reset on the First Reset Date and on each fifth anniversary of the First Reset Date thereafter (each, a “Reset Date” as provided in the Conditions). Interest will be payable on the Notes semi-annually in arrear on 26 April and 26 October (each, an “Interest Payment Date”) in each year commencing on 26 April 2020, subject to cancellation as provided below and as further described in the Conditions.
    [Show full text]
  • Annual Review 2011 Telephone: 44 020 7991 8888 Who We Are and What We Do Cover Image: ‘Connecting Customers to Opportunities’
    Connecting customers to opportunities HSBC Holdings plc 8 Canada Square London E14 5HQ HSBC Holdings plc United Kingdom Annual Review 2011 Telephone: 44 020 7991 8888 www.hsbc.com Who we are and what we do Cover image: ‘Connecting customers to opportunities’ HSBC is one of the world’s largest banking and Trade will continue to drive growth in the coming financial services organisations. With around 7,200 years as the rapid development of ‘South-South’ offices in both established and faster-growing trading routes – linking Asia with the Middle East markets, we aim to be where the growth is, and Latin America -- transforms the global economy. connecting customers to opportunities, enabling businesses to thrive and economies to prosper and, Our cover picture illustrates one such connection ultimately, helping people to fulfil their hopes and between the faster-growing economies of China realise their ambitions. and Brazil. It shows a Chinese ship delivering a quay crane to the Port of Santos in Brazil, the hub for We serve around 89 million customers through almost a quarter of Brazil’s trade and Latin America’s our four global businesses: Retail Banking and largest port. The Zhen Hua 25 is owned by a Wealth Management, Commercial Banking, Global Shanghai-based shipping company – a subsidiary Banking and Markets, and Global Private Banking. of an HSBC client -- whose fleet transports heavy Our network covers 85 countries and territories in machinery and marine engineering equipment made Europe, the Asia-Pacific region, the Middle East, in China to 176 ports in 76 countries worldwide. Africa, North America and Latin America.
    [Show full text]
  • Equity Capital Markets Review
    Fourth Quarter 2008 EQUITY CAPITAL MARKETS REVIEW Global ECM Falls to Lowest Level Since 2003 I Financial Sector ECM Breaks Records I JP Morgan Leads Rankings Global equity and equity-related underwriting volume in 2008 fell to US$470.7 billion, the lowest Financial Sector Equity & Equity-Related level since 2003 when volume was US$384.8 billion. Difficult market conditions brought on by by Issue Type failing investment banks in the third quarter and poor stock market conditions in the last six $250 months diminished the appeal of the equity capital markets as an attractive financing option. There were just 2,063 equity capital markets issues in 2008, the fewest since 1991 when there were just 1,813 offerings. Despite this, financial sector issuers saw all-time high issuance $200 volumes, increasing 17.6% to US$233.7 billion in 2008 from US$198.8 billion in 2007, due in large part to follow-on and convertible offerings brought to market by banks and insurance companies. Financial sector follow-on and convertible issues each reached all-time highs with $150 US$149.4 billion and US$54.1 billion, respectively. $100 Proceeds (US$b) Proceeds Global IPO volume slowed drastically in 2008, falling 71.2% from the previous year to US$84.6 $50 billion from 508 issues. By volume 2008 represents the slowest year for global IPO issuance since 2003 when issuance totaled US$53.1 billion, and by number of IPO issues, 2008 is the $0 slowest year since 1990 when 293 offerings came to market. In total, IPOs accounted for a modest 18.0% of global equity and equity-related activity compared to 36.1% in 2007.
    [Show full text]
  • Further Information Corporate Activity Former Resolution
    Further Information Corporate Activity Former Resolution businesses and assets Following Pearl’s acquisition of Resolution on 1 May 2008, Royal London started the process of acquiring the following from Pearl: • Scottish Provident International Life Assurance, a provider of life products and investment services which is based in the Isle of Man • the majority of the in-force UK protection business from Scottish Provident and Scottish Mutual Assurance • Phoenix Life Assurance Limited, formerly Abbey National Life, the products of which are distributed through Abbey’s national branch network • the new business operations of the companies mentioned above, with the exception of incremental business on policies retained by Pearl • the right to provide or procure the provision of all investment management and policy administration services of the assets described above. On 3 June 2008, Royal London completed the transfer from Pearl of Scottish Provident International Life Assurance. On 1 August 2008, Royal London completed the acquisition of Phoenix Life Assurance Limited and of Scottish Provident’s new business capabilities, in respect of individual life protection business. The in-force protection business still to be acquired by Royal London will be transferred by means of schemes under Part VII of FSMA 2000. It is expected that such schemes will complete by the end of 2008. The value of the assets transferred will include the value of new business written during 2008. The purchase price for these assets and businesses is £1.27bn, subject to post-completion consideration adjustments. In addition, Royal London provided £0.3bn of debt funding to Pearl, at a commercial rate, in support of their acquisition of Resolution plc.
    [Show full text]
  • Hsbc Fracking Fact Sheet
    HSBC FRACKING FACT SHEET FINANCING FRACKING AROUND THE WORLD UNITED STATES HSBC recently joined several other banks in underwriting a €1bn bond for BG Group, a company that has been heavily involved in fracking in the US and is considering fracking in Europe. [1] CANADA HSBC is one of three banks to provide CA$ 100 million in funding to GasFrac, a company pioneering “waterless” fracking. [2] This highly dangerous process involved forcing a mixture of propane and chemical additives into shale rock to break up the shale rock and release the trapped shale gas inside. Propane is highly explosive and there have already been several gas wells that have caught on fire. ALGERIA HSBC are the official bank of Sontach, the Algerian state‐owned oil and gas company formed to exploit the hydrocarbon resources of the country. [3] Sontach have been aggressively been pushing unconventional oil and gas extraction in Algeria. They recently offered 31 exploration licenses. UNITED KINGDOM In the UK, HSBC are providing banking services to Cuadrilla, the company drilling for shale gas near Blackpool in Lancashire. They also provided a $100 million loan to Dart Energy, a company planning on exploring unconventional gas extraction in Scotland. [4] FROM FINANCE TO FRACKING INDUSTRY Sam Laidlaw, CEO of Centrica, who recently announced £160 million of investment in fracking in the UK, is a non‐executive director of HSBC. [5] While serving as the founding CEO of EnCana Corp, one of the largest shale gas operators in the United States and Canada, Gwyn Morgan served as a Director on the Board of HSBC Bank Canada.
    [Show full text]
  • Phoenix Group Holdings Annual Report and Accounts 2013 2013 Was an Eventful Year for the Phoenix Group
    PHOENIX GROUP HOLDINGS ANNUAL REPORT AND ACCOUNTS 2013 2013 WAS AN EVENTFUL YEAR FOR THE PHOENIX GROUP. WE HAVE PROGRESSED IN STRENGTHENING THE BALANCE SHEET AND SIMPLIFYING THE GROUP’S STRUCTURE AND WE HAVE ALSO DELIVERED AGAINST OUR FINANCIAL TARGETS. BUSINESS OVERVIEW OUR BUSINESS MODEL delivering strong investment Phoenix Group is the UK’s largest specialist As a closed life fund consolidator, Phoenix performance and high quality closed life and pension fund consolidator Life focuses on the efficient run-off of service to its clients. with over 5 million policyholders and existing policies, maximising economies £68.6 billion of Group assets under of scale and generating capital efficiencies For a detailed look at management. Our business manages through operational improvements. our business model closed life funds in an efficient and Ignis Asset Management focuses on Turn to page 12 secure manner, protecting and enhancing policyholders’ interests whilst maximising value for the Group’s shareholders. PHOENIX LIFE Aims to deliver innovative financial management and operational excellence PHOENIX GROUP Delivery of IGNIS ASSET MANAGEMENT strategic initiatives Aims to deliver superior investment performance and client service EVOLUTION OF THE PHOENIX GROUP The following shows the Group’s original entities and their various acquisitions over the years. 1806 1857 2008 2009 2010 London Life Pearl Loan Company Pearl Group Liberty Pearl Group renamed established established acquires Acquisition Phoenix Group Resolution plc Holdings Holdings and
    [Show full text]